A Comprehensive Guide to the Annual Information Statement

You need to convert your NRE/NRO accounts to a resident savings account. Specifically:

• NRO Account - Resident Savings Account
• NRE Account - Resident Savings or RFC account, which stands for Resident Foreign Currency Account (if you want to retain foreign currency receipts).

Yes, you can hold FCNR (B) until they mature. Once they mature, the proceeds must either be transferred into a resident savings account or to a resident foreign currency (RFC) account if you wish to maintain the foreign currency. 

Yes, you need to open a new demat account when you change your status from NRI to a resident:

• Inform your broker/depository about the change
• Open a resident demat account. Transfer the securities held in the NRI demat/ PINS account to the resident demat. 

They generally continue: 

• Mutual Fund Holdings: Update KYC, FATCA/ CRS status. Also, change the linked bank account details from NRE/NRO/NRI to resident accounts. 
• Insurance: Life and general insurance policies purchased in India stay valid if premiums are current. However, you need to notify the insurer of your changed residential status and update your bank details. 

Consider the following when understanding tax status change:

• Your tax residency under Indian law will change. You may transition from being "Resident but not ordinarily resident (RNOR) to "Resident and Ordinarily Resident (ROR)". 
• If you become a resident, you may become taxable in India from that Financial Year. DTAA may offer relief to prevent double taxation. 

An RFC or Resident Foreign Currency is an Indian bank account that permits a returning NRI to hold foreign currency funds. The key features include:

• There are no limits for repatriation for funds held in an RFC account
• You can transfer your foreign earnings into RFC upon return, if you wish to hold them in foreign currency. 

You should inform them about your change in residency status, and update your bank account information (resident vs NRI accounts). Then, change KYC/FATCA/CRS declarations. Close or convert accounts as required. 

An NRI PAN card is similar to your regular Indian PAN card, which every indian resident uses. There is no significant difference between the two. As the Indian income tax department issues a PAN card for Indians, it also issues one for NRIs, called an NRI PAN card. 

Non-resident Indians living in the USA may need a PAN card to execute financial transactions in India, file income tax returns, make investments, open a bank account, and more. The PAN card has a unique alphanumeric code, a 10-character number in which each character carries specific information.

The only difference between an NRI PAN Card and a regular PAN card is in the form, procedure, fees, and processing time. 

You can apply for a PAN card in two ways: either online or through an offline application process at a physical center. 

For NRI PAN card application from the USA, the online application process is the most common method for NRIs to apply for the PAN card through the official portal managed by the authorized service providers of the Income Tax department, primarily e-GovTechnologies (formerly known as NSDL) or UTTITSL. 

You can download your e-PAN card from the Income Tax official website, Protean e-Gov, or the UTIITSL, depending on which platform you have initially applied for.

To change the name on the PAN card, you have to submit a request for New PAN card or/and Changes or Correction in the PAN Data on any of the government-authorized portals and provide the supporting document.

You link your Aadhaar card with your PAN card; you have to use the official income tax department portal.

Yes, you can apply for the PAN Card from the USA.

NRIs can apply for a PAN card from abroad by submitting Form 49A along with all required documents and fees at the PAN application center of UTIITSL or Protean.

Yes, NRIs can apply for a PAN card without an Aadhaar card.

It takes around 10 to 15 days for your NRI PAMN application to be processed, provided the documents uploaded are correct and verified. Now, with respect to the online PAN card delivery via post, it takes between 20 and 45 days after the government approves your PAN application.

US citizens can apply for an NRI PAN card if they are a resident foreigner who has spent 182 days or more in India in the final year and have all the valid documents.

If the PAN card has to be sent outside India, the fees go up to Rs 1,017, which includes the application fee of Rs 91.